In many of our articles, we have analysed the potential of real-time reporting in tackling VAT fraud while producing benefits for businesses. Nevertheless, real-time reporting systems can be a valuable tool also in the fight against corporate income tax fraud. In this article, we will better explain how this is made possible and what are the benefits for tax authorities and businesses.
What is real-time reporting
Real-time reporting is an innovative solution to tackle fraud and increase country revenues. These types of systems require every business in a jurisdiction to share its invoices with the tax authority in order to run automated controls on the invoice information. These solutions were first introduced in Latin America with astonishing results. Today, more and more countries around the world have implemented or are planning to implement a real-time reporting system.
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